2322. Volusia County Bank (DeLand, FL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
August 16, 1893
Location
DeLand, Florida (29.028, -81.303)

Metadata

Model
gpt-5-mini
Short Digest
5439f249

Response Measures

None

Description

The Volusia County Bank (DeLand, Fla.) closed/suspended on Aug 16, 1893 due to inability to realize on paper and mortgages. By mid-December 1893 the state permitted the bank to resume business after an agreement with depositors to make staged payments (10% on resumption, then installments). No run is reported in the articles; this is a suspension followed by reopening.

Events (2)

1. August 16, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to meet obligations because of delays in realizing on its paper and mortgages (illiquid assets).
Newspaper Excerpt
The Volusia County Bank at Deland closed its doors this morning, being unable to meet obligations by reason of delays in realizing on its paper. Liabilities $136,000; assets $190,000.
Source
newspapers
2. December 17, 1893 Reopening
Newspaper Excerpt
The state permitted the bank to resume business upon its agreement ... to pay, upon resumption, 10 per cent. of the amount due depositors; 25 per cent. within ninety days; 25 per cent. within six months ... The bank will be ready to meet its ninety days obligation on Wednesday next. (Dec. 17, 1893).
Source
newspapers

Newspaper Articles (6)

Article from The Helena Independent, August 17, 1893

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Article Text

TELEGRAPHIC BREVITIES. SAN FRANCISCO. Aug. 16.-She:iff MoDade was to day appointed receiver of the wrecked Pacific bank. BOSTON, Aug. 16.-The Chicago. Burlington & Quincy to-day declared a dividend of 11/2 per cent, payable Sept. 15. STOCKTON. Cal.. Aug. 16. - The copper mines ns Copperopolis have alos d down, th owing 300 men out of employment. WASHINGTON. Aug. 16.-Efforts are being made by the stockholders to have the German National bank of Denver resume. LONDON, Aug. 16.-Twenty-fvc thousand pounds in gold were withdrawn from the Bank of England for the United States today. DELAND, Fla.. Aug. 16.-The Volusia county bank closed to-day, owing to inability to realize on paper. Liabilities $136,000, assets $190,000. ST. LOUIS, Aug. 16.-This afternoon at East St. Louis, III., in a jealous quarrel. John Seiten eit shot his wife and himself. Both are finally wounded. RACINE. Wis.. Aug. 16.-The Union National bank closed its doo B this morning. Capital $150,000. total resources $892,000. individual deposite $243,000. PHILADELPHIA. Aug. 16. .-The schooner Betty M. Listy, from Charleston, 8. C.. has one well developed OAMO of yellow fever and two suspicous cases ou board. LONDON, Aug. 16. -The prince of Wales' yachs Britanuia won first priz, in Royal Albert Yachs club race to-day as Smith's Sea. Royal Phelps Carroll's Navihoo 500ond. TROY, N. Y., Aug. 16.-The shoriff this afternoon took possession of the works al Green Island of the Gilbert Car Manufaoturing company on five judgments aggreRating $150,000.


Article from The Times, August 17, 1893

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Article Text

More Bank Troubles. WASHINGTON, August 16.-Comptroller Eckels is informed of the failure this morning of the Union National Bank of Racine, Wis. GALLATIN, TEX., August 16.-There was a slight run by depositors yesterday on the Farmers' and Traders' Bank, and the directors posted a notice that only 10 per cent. for the present would be paid on deposits. Loans and other means are over $120,000 and deposits are about $80,000. There was a slight run on the First National Bank of Gallatin, less than $2,000 having been paid out. JACKSONVILLE, FLA., August 16.The Volusta County Bank at Deland, Fla., closed its doors this morning, being unable to meet obligations by reason of delays in realizing on its paper and mortgages. Liabilities, $136,000; assets, $190,000. The officers say it will eventually pay dollar for dollar. RACINE, WIS., August 16.-The Union National Bank closed its doors this morning. The capital is $150,000, and the total resources $892,000. The Commercial Savings Bank has posted a thirtyday notice. JACKSONVILLE, FLA., August 16.The Volusia County Bank, at Deland, Fla., closed its doors this morning, being unable to meet its obligations by reason of delays in realizing on its paper. Mortgages and liabilities $136,000; assets $190.000. Its State Bank officers say It will eventually pay dollar for dollar. MEMPHIS, August 16.-The Cole Manufacturing Company yesterday filed an application in chancery, asking that a recelver be appointed to take charge of the. personal property of W. A. Collier, president of the Memphis Appeal-Avalanche Company, and his associates in business. Some time ago the Cole Manufacturing Company obtained a judgment against Mr. Collier for material used in the Appeal-Avalanche building. A portion of the judgment was satisfied by attaching land owned by Mr. Collier, but this being insufficient to pay the claim, a receiver is now applied for to take charge of the personal property.


Article from The Sun, August 17, 1893

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TROUBLES OF THE BANKS. The Money Stringency Still Causing Suspensions and Starting Runs. RACINE. Aug. 16.-The Union National Bank closed its doors this morning. The capital is $150,000,and the total resources $892,000. The individual deposits are $243,000. INDIANAPOLIS, Aug.10.-The banks of this city are still refusing to take bills of exchange on New York and other Eastern cities, and business between this city and such places is almost at H. standstill. The high price of Eastern exchange is having its effect on all kinds of business. including the shipment of grain and live stock as well as of flour and other manufactured articles. JACKSONVILLE, Fla. Aug. 16.-The Volusia County Bank at Deland closed its doors this morning. being unable to meet its obligations by reason of delays in realizing on its papers. mortgages. &c. Its liabilities are $136,000 and its assets $190,000. It is a State bank. H. H. Clough President. J. B. Clough cashier.


Article from Herald and Tribune, August 23, 1893

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$1 A YEAR IN ADVANCE UP TO DATE. The Armandale (Kan.) bank suspended. The Bank of River Falls, Wis., has suspended. Forest fires in the mountains near Altoona, Pa. Martial law has been extended to all parts of Argentina. Iowa Republicans nominated Frank D. Jackson for Governor. The Volusia County bank of Deland, Fla., has closed its doors. Cholera at Naples is diminishing. General health at Rome is good. The yearly meeting of Friends is in session in Wilmington, Ohio. Cholera continues to spread along the frontier of Hungary and Galicia. The Italian exodus to this country is increasing since cholera has broken out in Italy. Harold Murphy, of Cairo, Ill., took strychnine by mistake, and died soon after. The Standard Wagon Company, Cincinnati, has assigned ; assets $1,200,000 and liabilities $700,000. Miss Retta Lacy, of Columbus, Ind., suicided by strychnine. She lefta note saying she feared poverty. Measures are being taken for the relief of the families rendered homeless by the Minneapolis fire. While Lafayette Sagerer was lighting his gasoline stove at Nicholasville, Ky., it exploded, burning down part of the residence. Moonshiners in jail at Birmingham, Ala., were caught making whisky in their cells from apples, a bent pipe, tin boxes and a spittoon.


Article from The Iola Register, August 25, 1893

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Article Text

THE SOUTH. FRANK CARR shot and killed James Taylor, near the Four Seasons hotel, at Middleborough, Ky. Carr escaped to the mountains. THE secretary of the Commercial club of Nashville, Tenn., after an investigation into the bank situation, has issued a statement to the effect that the First and American national and the state banks which suspended payment would, in the near future, reopen and that they are entirely solvent. KENTUCKY distillers have appealed to the courts for relief in the matter of forced payment of taxes on whisky soon to be taken out of bond. THE roads out of Memphis have begun rate cutting to the world's fair. AT a meeting of the associated banks of Little Rock, Ark., it was decided to place certified checks in circulation and limit the amount which any depositor can withdraw in one day to $20. CLARENCE M. Dow, son of a Denver millionaire, has surrendered at Fort Sam Houston. where he is now held on charge of desertion from the army. Gov. TILLMAN. of South Carolina, has applied to have the sobriquet of that state, "Palmetto," registered as a trade mark for dispensary liquors. THE New Orleans bureau of freight and transportation has taken up the project of Gov. Lewelling for a gulf route to Europe. NEAR Danville, Va., a passenger train went through a bridge, seven persons being killed and many injured. THE Volusia County bank at Deland. Fla., closed its doors, being unable to meet its obligations. Its liabilities are $136,000, and its assets, $190,000. Virginia democrats have nominated Charles O'Ferrall for governor. THE wholesale grocers of Memphis have issued notice that they will sell hog product for cash only hereafter.


Article from The Morning News, December 17, 1893

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himself out, showing that he was prepared to leave in any event, but would rather pay and be free than escape with a warrant over him. DeLand Record: The Volusia County bank, on the 20th inst., will make its second payment. this time 25 per cent., to depositors who had accounts with it when it suspended last August. The state permitted the bank to resume business upon its agreement, with agreement and consent of 91 per cent. of the depositors, to pay. upon resumption, 10 per cent. of the amount due depositors; 25 per cent. within ninety days; 25 per cent. within six months: 25 per cent. within nine months. and the other 15 per cent. within twelve months. The bank will be ready to meet its ninety days obligation on Wednesday next. and depositors who have time certificates due then can get their money. Friday afternoon robbers entered the house of an old white man named Wurtzer, on the Moncrief shell road near Jacksonville, and stole nearly all his clothing a clock and several pieces of furniture. Wurtzer lives alone and was busy in his garden only a short distance from the house all the afternoon, and the robbers entered from the side opposite to that in which he was at work. About three weeks ago Wurtzer was robbed in the same way of a watch and other goods. No clew was left by the robbers as to their identity, although two colored men were seen by a neighbor to leave his premises with a basket and a sack filled with something, but nothing was thought of it until Wurtzer reported his loss. A correspondent writing from Eustis says: "In making calculations on oranges there is one thing usually left out. and that is cartage. At present $2 a box proves a high average on even first-class fruit. This sum goes as follows: Gathering, 4 cents; packing and delivery at depot, 30 cents: freight to New York. 53 cents: cartage, 5 cents; commission. 20 cents; a total of $1 12, leaving at best 88 cents at the grove. This does not allow for any insurance or loss by delay, heating on steamer or in car, and, although it will pay on Any you IIIM 11 bearth IInj russets poor pue think January antite you puy -qe SI 0.1941-x0q e OF 18 цэлэ 10 09 18 101 1198 solutely n oprofit. Although oranges are decreasing in price, railroad rates do not, commission men usually stick to old rates, and the fertilizer manufacturers are making their heavy profits still on that material." At Ocala. Friday, D. G. Ambler. of Jacksonville, secured a decision in his favor for $10.000 in the case against the big phosphate firm of Stevens. Graham & Co. The case was submitted to Judge J. J. Finley as referee. and his decision will be made public tomorrow. The claim made was for stock subscribed for Stevens, Graham & Co., to the Ambler railroad. Speaking of the matter at Jacksonville Friday night Mr. Ambler said: 'Stevens, Graham & Co. agreed to pay me $10,000. provided I built a line of railroad to certain property of theirs in Marion county. My line ran adjacent to the property and within 450 feet of it for a mile or so. Finding it inconvenient to pay the money they said I had not bulit to their property according to contract. Their affairs have gone into the hands of a receiver since then and I don't know whether the judgment can be collected "you JO Tampa Times: A letter has been received from a gentleman in Indiana. which states that paper can be made from palmetto. He spent some time in South Florida, during which he experímented extensively with palmetto as a paper fiber and says he succeeded far beyond his expectations. He has had long experience in the paper business and his experiments were so satisfactory that he has applied for a patent on the process. He believes that the manufacture of palmetto into dnished paper or into half-stuff will prove a profitable industry here where palmetto is so abundant and can be obtained so cheap, and proposes to build a mill and bring experienced paper makers from Ohio if a company can be organized here to carry on the business of making either finished paper or half-stuff, which will find a ready market among paper mills of the north. Jacksonville Times-Union: A Times-Union man while strolling around the city market Friday afternoon came upon a basket filled with fine, fat diamond-back terrapins. Upon a request for information, Steve Melton, the proprietor of the stand at which they were, told the reporter that these were brought up to fill a special order from all the large hotels, and that on Hannibal creek he had them in pens of all sizestand ages to the number of about 2.500. Mr. Melton also said that he had received inquiry from Washington,D. C., as to the price and prospective supply of Florida diamond-backs. "and just here." remarked Mr. Melton, "let me state that these terrapins can be raised in Florida waters at less trouble and expense than upon any part of the coast. Fish, crabs, and other food upon which they live is right at hand, they mature quickly. and are of as good flavor as those